Investing in bitcoin and other virtual currencies is risky. So is planning a graduate-level class on the subject four months ahead of time.

But that’s what two professors from New York University’s Law School and Stern School of Business are doing. Recognizing the immense interest, confusion and concern surrounding bitcoin, finance professor David Yermack and law professor Geoffrey Miller are seeking to help students navigate a murky regulatory environment and assess the currency’s value.

The duo compiled an early outline to pitch their bosses on “The Law and Business of Bitcoin and Other Cryptocurrencies,” with classes devoted to topics such as money laundering via bitcoin, how to measure the currency’s trading activities and whether it’s even a real currency at all. (The IRS recently declared it property—and subject to “gain” taxes if used to buy something.)

But given the fast-changing market—including wildly fluctuating valuation, bankruptcy discussions and almost daily developments in legal battles, Yermack says what’s taught come fall will likely have little resemblance to the original draft. “We have no illusions that six months from now it’ll be the same set of issues,” he said.

Even so, Yermack says a few broader topics will remain relevant. For example, he can use bitcoin to explore Milton Friedman’s orthodox monetary policy and the role that human judgment can or should have in determining policy.

And the professors expect to address the risk and insurance implications of virtual currency activity, since investors currently can’t insure themselves against theft or hacking on bitcoin marketplaces the same way they can at a traditional FDIC-backed bank. Some companies are trying to build such insurance products, and governments must decide whether to provide security for a currency that, in some ways, competes with their own.

Yermack expects to pack the 50-seat room currently reserved for his class, but he knows the currency’s popularity might be fleeting and, if its value crashes to just $5 or $10 between now and August, interest in the course could evaporate.

“The trajectory of bitcoin is going to be crucial” to whether the class actually happens, he says.

Starting to assess bitcoin from an academic angle while the currency is still in its infancy allows Yermack and Miller to set the agenda for future study of the subject. “You can help shape the field by stipulating what you think the important topics are,” Yermack says. “For an academic, that’s fun.”

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